The Federal Reserve’s patient approach to monetary policy does not mean the U.S. central bank will not increase interest rates, or cut them, should the need arise, the president of the Atlanta Federal Reserve Bank, Raphael Bostic, said on Friday. “We may move up; we may move down,” Bostic said in remarks prepared for delivery to a monetary policy conference at the San Francisco Fed. The comments were Bostic’s first since the Fed made an unexpectedly dovish shift on Wednesday. Eleven of its 17 policymakers forecast no rate hikes this year, and Fed Chairman Jerome Powell cited low inflation, a slowing global economy ... (full story)